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BORSA ITALIANA
EUR 11.936 +0.62 %
NYSE
USD 13.125 +0.96 %
Search

Fiat S.p.A. Board of Directors' Meeting: second quarter 2014 results

FIAT GROUP CLOSES SECOND QUARTER WITH REVENUES UP 5% TO €23.3 BILLION AND EBIT AT NEARLY €1 BILLION, WITH EMEA EBIT BREAK-EVEN FOR THE QUARTER.

NET INDUSTRIAL DEBT REDUCED TO €9.7 BILLION AND LIQUIDITY INCREASED TO €21.8 BILLION. GUIDANCE FOR THE YEAR IS CONFIRMED

  • Worldwide shipments were up 2% to 1.2 million units, with increases of 10% in NAFTA (to 0.6 million units) and 42% in APAC partially offset by a 21% reduction in LATAM, where shipments were down compared to a record Q2 in 2013. EMEA shipments remained flat at 0.3 million units.
  • Revenues totaled €23.3 billion, up 5% year-over-year in nominal terms and up 10% at constant exchange rates (“CER”), with growth in NAFTA (+7%), APAC (+34%) and Luxury Brands (+59%) partially offset by declines in EMEA (-3%) and LATAM (-23%, or -13% at CER).
  • EBIT was €961 million, down from €1,073 million in Q2 2013 (-10%, or -5% at CER). Increases for Luxury Brands, up €61 million (+58%, or +60% CER) and APAC up €18 million (+20%, or +28% CER), and a €63 million improvement in EMEA to nearly breakeven for the quarter only partially offset decreases in LATAM of €162 million (-72% or -65% CER) and NAFTA down €135 million (-18% or -15% CER).
  • Net profit was €197 million, compared with €435 million in Q2 2013. The reduction primarily reflects the lower EBIT and a €137 million increase in the tax charge due to U.S. earnings now being subject to deferred taxes.
  • Net industrial debt was reduced to €9.7 billion, improving €0.3 billion from the end of Q1, driven by €0.6 billion of positive cash-flow from operating activities, net of capital expenditures.
  • Total available liquidity increased to €21.8 billion, from €20.8 billion at the end of Q1, driven by the positive cash-flow from operating activities.
  • Group confirms full-year guidance as presented in the Business Plan on 6 May 2014.

The Group no longer reports Trading Profit as a supplementary performance assessment measure.

FIAT GROUP - Highlights

H1 2014 H1 2013(*) Change (€ million) Q2 2014 Q2 2013(*) Change
2,2942,179 115Total Shipments (000s)1,1811,15922
45,45341,9883,465Net revenues23,32822,2811,047
1,2311,680-449EBIT(**) 9611,073-112
3,5903,906-316EBITDA(**)¹ 2,1522,233-81
232720-488Profit before taxes455556-101
24466-442Net profit197435-238
(0.012)0.049-EPS (€) 0.1430.116-
9,7047,014(3) 2,690Net industrial debt9,7049,996(2)-292
21,77122,745(3)-974Total Available liquidity 21,771 20,785(2)986

* Adjusted for the retrospective application of IFRS 11. For Q2, Revenues -€44 million, EBIT +€16 million, Profit before Taxes +€1 million, Net profit unchanged. For H1, Revenues -€94 million, EBIT +€20 million, Profit before Taxes +€5 million, Net profit unchanged. Shipments for both Q2 and H1 2013 adjusted to include Luxury Brands.

¹ EBIT plus Depreciation and Amortization.

² At 31 March 2014.

³ At 31 December 2013, adjusted for the retrospective application of IFRS 11: Net Industrial Debt +€365 million, Total Available Liquidity +€16 million.

(**) includes unusual items of:

(381)(35)Total unusual items (pre-tax) 4 412

4 Includes: Gain/(losses) on the disposal of investments, Restructuring, Other unusual income/(expenses).

Memo items

H1 2014 H1 2013 Change (€ million) Q2 2014 Q2 2013 Change
285501-216Net profit ex-unusual items198423-225
0.2030.081-EPS ex-unusual items (€)0.1450.130-


  • Fiat S.p.A. Board of Directors' Meeting: second quarter 2014 results